James had until June 30 to make a decision.
With James now a free agent, there's a chance it will impact Carmelo Anthony's own free agency.
However, most feel that James opting out is simply the first step of restructuring his deal with Miami, which would allow them more flexibility.
With him technically being a free agent, there's also the chance that James leaves Miami.
Teams that have or are in position to clear the necessary cap space to make a run at James include the Bulls, Rockets, and Suns.